Bitcoin and Ethereum will not finally be banned in the EU
- Posted on June 9, 2022
A committee of the European Parliament voted against a bill that would ban cryptocurrencies such as bitcoin and ethereum.
The Monetary Affairs Committee of the European Parliament and the Bitcoin Affairs Committee, the Red Square Red Coin (Crypto: Btc) and Ethereum (Crypto: Eth) and other Proof-of-Work (() cryptocurrencies…
happened
On Monday, 30 members of parliament voted against amendments to the Markets in Crypto Assets (MiCA) bill, which seeks to ban crypto PoW within the European Union.
A total of 23 MPs voted for the ban, with 6 abstentions.
The majority of votes in support of the ban came from the Green Party and the Progressive Alliance of Socialists and Democrats (S&D).
As a result, conservatives “with the support of the far right” blocked its efforts to reduce the carbon footprint of cryptocurrencies, the S&D Group noted.
Related Article: Will Bitcoin Be Banned in Europe?
because it matters
PoW is a consensus mechanism through which Bitcoin and various other cryptocurrencies are mined. The process requires a lot of computing power, so it has drawn a lot of criticism for its negative impact on the environment.
Patrick Hansen, founder of Unstoppable DeFi, said the vote means that cryptocurrency mining may no longer be addressed under MiCA regulations and added to the European Union’s sustainable finance classification.
4/ MICA regulates financial instruments and financial service providers. It makes more sense to address any concerns about the sustainability of mining technology in isolation.
What’s next?
— Patrick Hansen (@PADDI_HANSEN) March 14, 2022
Now that the PoW cryptocurrency ban has been lifted, the draft MiCA regulation will finalize the legislative framework for cryptocurrencies through EU institutions.
Also Read: Why BTC Shouldn’t Fear EU Regulation?
Price volatility
In the past 24 days of the press release, the transaction has been upgraded in the past… 89 hours after the increase in the dollar, the transaction price was $ 39,000, and the price of Ethereum rose by 22% in the same period…
A committee of the European Parliament voted against a bill that would ban cryptocurrencies such as bitcoin and ethereum.